The U.S. state of Florida governor, Ron DeSantis introduced legislation to ban the CBDC in the state to protect consumers and businesses from a federally controlled CBDC. Harsh phrases like the “Biden administration’s weaponization of the financial sector” are used for the U.S. CBDC program.
The proposal asks to prohibit the use of a federally adopted Central Bank Digital Currency as money within the stated boundaries. Moreover, the governor is also calling to follow in their footsteps to ban CBDC within their “respective Commercial Codes to fight back against this concept nationwide.”
In the same proposal, Ron DeSantis also called for protection against any other foreign CBDC currency developed by a foreign reserve or foreign-sanctioned central bank.
Governor Ron DeSantis stated that the Biden administration is planning to use CBDC for surveillance and control. He said that the ban on CBDC will “protect Florida consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance. Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security.”
“Our money says In God We Trust. The central bank digital currency changes that to In Government We Trust. That’s wrong and I am grateful for the Governor’s continued pushback of an out-of-control DC bureaucracy,” said Foundation for Government Accountability CEO Tarren Bragdon.
The Florida governor slammed the federal agency and Biden regime for conspiracy in the name of CBDC. By promoting backdoor woke ideology into the conventional financial system in the U.S., the administration is putting individual privacy and economic freedom in danger.
The proposal read: “Unlike a decentralized digital currency, a CBDC is directly controlled and issued by the government to consumers, giving government bureaucrats the ability to see all consumer activity and the power to cut off access to goods and services for consumers”.
He also raised concerns that the CBDC could disrupt the role of community banks and credit unions in our financial system as it would be a direct liability of the Federal government.
The proposal clearly states disagreement between the state and the Biden administration. The disagreement between state and government could also be a political party difference as Florida’s governor is a republican, while Biden belongs to Democrat. There are also rumors that Ron DeSantis may run for US President in the 2024 elections.
Also, while the country around the world is preparing to embrace the potential of CBDC, such skepticism in the U.S. state could hinder its CBDC program. Recently, the Reserve Bank of India and the Central Bank of the UAE signed a MoU to boost cooperation between nations for CBDC.
